i GET SSDI & OWN MY HOME OUT RIGHT

[rsmclain]

i AM 60k IN THE HOLE, ALL UNSECURED, LIVE IN CA. OWN MY HOME WORTH 50K, AM LEG. BLIND, ONLY INCOME IS 1100 SSDI. mY QUESTION IS DO i MAKE TO MUCH TO FILE CHAP 7?

[HHM]

You do not earn too much to file chapter 7, but if you own your home outright and it is worth $50k, that could be a problem. Granted, under CA Exemption Scheme 1, you get a $50K exemption, so you might be ok, but you should get a Current Market Analysis of your homes value.

[jennordhavn]

Where in CA is a home only worth $50k? Definitely not anywhere near me.......lol.

[rsmclain]

That would be in Sacramento, where some houses have sold for 20k in the last couple of months.

[rsmclain]

And in regards to HHH reply, I think the exemption is 125K for a home in ca, if you are disabled.

[JRScott]

And in regards to HHH reply, I think the exemption is 125K for a home in ca, if you are disabled.

It is, his numbers are correct for non disabled and non senior residents of California. For those 65+, or those physically or mentally disabled it is 125k.

If your income is only 1100 SSDI a month then I don't see why you couldn't qualify and protect your home. You need to go and speak to 3-4 bk lawyers in your area and run your situation by them. Then pick the one you feel best about and get them to help you through the process. It will cost some money.

[rsmclain]

thank you jr, everyone has been so helpful

[landofpoor]

i AM 60k IN THE HOLE, ALL UNSECURED, LIVE IN CA. OWN MY HOME WORTH 50K, AM LEG. BLIND, ONLY INCOME IS 1100 SSDI. mY QUESTION IS DO i MAKE TO MUCH TO FILE CHAP 7?

why even file your judgement proof.they cant attach there fingers to your ssdi

[jennordhavn]

That would be in Sacramento, where some houses have sold for 20k in the last couple of months.

Wow, I used to live in Sac/Elk Grove and I didn't realize they had gone that low.

We almost bought a house for $280k (not in a very good neighborhood either) right before the market crashed. Soooooo glad we didn't!

[JRScott]

why even file your judgement proof.they cant attach there fingers to your ssdi

I'm not sure of CA laws but it is possible that they might could place liens against their home or try to seize it.